Robbins Umeda LLP Is Investigating SRA International, Inc. Acquisition for Shareholders
April 01 2011 - 8:14PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of SRA International, Inc.
(NYSE: SRX). The firm has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the board of directors of SRA in connection with their
efforts to be acquired by an affiliate of Providence Equity
Partners.
If you own stock in SRA and would like more information about
your shareholder rights, please contact Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
On April 1, 2011, SRA announced it has entered into a definitive
merger agreement under which SRA will be acquired by an affiliate
of Providence Equity Partners in an all-cash transaction. Under the
current agreement, SRA shareholders will receive $31.25 in cash for
each share of SRA common stock they hold. The transaction is
expected to close during the first quarter of the SRA 2012 fiscal
year, which begins on July 1, 2011.
The investigation is focused on whether SRA's board is
undertaking a fair process to obtain maximum value for its
shareholders. At least one analyst had a target price of $35.00 for
the company as of March 14, 2011. Of particular interest, Founder
and Chairman of SRA, Dr. Ernst Volgenau, who owns 21% of total
shares outstanding and 71% of voting rights, has agreed to vote his
shares in approval of the merger. Dr. Volgenau will roll over a
portion of his existing SRA equity interest and continue to be a
significant shareholder in the privately held company, as well as
continue in his capacity as Chairman of the SRA board. In addition,
the company will continue to be led by its existing senior
management team.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/sra-international/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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